Mumbai, Aug 20: Gold prices are expected to remain elevated in the second half of 2025, driven by persistent macroeconomic challenges and geopolitical tensions, according to a report released Tuesday by Ventura Securities, a trading and investment platform.
The report forecasts that Comex Gold could touch $3,600 per ounce by the end of 2025, surpassing its all-time high of $3,534.10 recorded on August 7 this year. This bullish outlook is supported by a combination of strong ETF inflows, steady central bank purchases, and growing retail interest in India’s gold investment market.
Ventura highlighted a significant shift in gold investment patterns, particularly among younger investors. Factors like Gen Z participation, fractional ownership, social media influence, and fintech innovation are transforming traditional gold ownership into more digital, investment-oriented models.
“Gold’s strategic role in portfolios has grown due to sluggish global growth, rising geopolitical risk, and policy uncertainty,” said NS Ramaswamy, Head of Commodities at Ventura. “With inflation pressures persisting, a weakening US dollar, and expected rate cuts by the US Federal Reserve, we anticipate continued upward momentum in gold prices through 2025.”
The report also notes that India's gold ETF holdings rose 42% year-on-year, reaching 66.68 tonnes as of June 30, 2025. Assets under management (AUM) for these ETFs surged 88% to ₹64,777 crore, while the number of investor accounts jumped 41% to 76.54 lakh.
Gold’s performance has notably outpaced equities in recent years. The yellow metal delivered an average annual return of 23% over the past three years, compared to the Nifty 50’s 11%. In today’s volatile market environment, gold’s negative correlation with equities has made it a valuable diversification tool, helping protect portfolios during downturns while also capturing gains during market rallies.
With global uncertainties likely to persist, the report suggests that gold will continue to be a safe haven asset and effective hedge against inflation in the months ahead.
